New Trend in Term Insurance.. Growing Interest Among Women and Youngsters!

Term insurance purchases in India have reportedly witnessed a significant increase following the government’s GST exemption on life insurance premiums. According to a recent report by Policybazaar, purchases of term insurance policies rose 1.5 times after the GST change. The report attributed the growth to lower premium costs and increased interest in financial protection among customers across different income groups.

The report also highlighted strong demand for high-value life covers among NRIs and high-net-worth individuals. Purchases of policies offering coverage of Rs. 3 crore and above increased by 35% among NRIs and 32% among HNIs. Women reportedly purchased 27% more term policies than men, while the housewife segment recorded 60% growth. The 18–25 age group also showed faster adoption, with purchases growing 20% faster than other age groups. Andhra Pradesh and Telangana recorded 39% growth, while higher-value covers and rider options also gained popularity.